Word: bankrupts
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Storm No. 2. Hardly had the dust settled when a storm broke around another big company, the bankrupt Texas Mutual Co. Two appeals court justices accused Texas Mutual of "Ponzi-like manipulations" and called the State Insurance Commission guilty of "fraud if not criminal laxity" for not doing anything about it. Texas Mutual was organized in 1949 by Leslie Lowry, ex-mayor of Beaumont (ousted by recall), and his brother Paul. They started with $500 of their own cash and $19,500 borrowed. To expand their assets, said the court, the Lowry boys bought (with notes, no cash) a shabby...
...small investors of some $3,000,000 in an investment-trust racket. Swindler Ito spent part of his plunder on such delicacies as broiled eels in Tokyo and an expensive mistress in Kyoto. He admitted that he had continued to solicit funds even after his investment company had gone bankrupt, blandly told police: "If this constitutes fraud, I'm afraid there's nothing I can do about...
...adolescent, romantic attitude toward dueling. This much is true: on several occasions he did come close too shooting it out, the most famous time with the Marquis de Mores, an ambitious Frenchman who had built up a rival ranch in the Dakotas. A severe blizzard sent Roosevelt back East bankrupt, ending the feud...
Railroad Tycoon Robert R. Young, in the midst of a fight for control of the New York Central, last week got something close to a toe hold on control of another road, the $797 million Missouri Pacific Railroad. The Mopac went bankrupt in 1933, and four times the Interstate Commerce Commission has drawn up reorganization plans for it. Young, whose Alleghany Corp. owns 49% (396,000 shares) of Mopac's common stock, has helped to have the plans overturned every time, either before the ICC or in court. The reason: while the plans called for bailing out the system...
...midst of his busy week, President Eisenhower found time to see his old friend Governor Thomas Dewey, who came down from New York to protest the "unprecedented interference" of the Interstate Commerce Commission with Dewey's efforts to reorganize the bankrupt Long Island Rail Road. The Pennsylvania Railroad had applied to the ICC for a 25% rate increase on the Long Island, which it owns. Dewey felt that, since the Long Island lies wholly within the State of New York, the ICC had no jurisdiction -especially no jurisdiction to raise commuter fares on the residents of two heavily Republican...